Yes. Click Start, Run and enter REGEDIT Go to:
HKEY_CLASSES_ROOT\Folder\shell
1) Highlight the Shell subkey and select Edit, New, Key. Name the key as
you like.
2) Next, highlight the key you just created and double click on the Default
value. Type in the name of the context menu item, as you want it to appear.
3) Highlight the key you created in Step 1 and select Edit, New, Key. Name
the new subkey "command", without the quotes.
4) Highlight the new subkey created in Step 3 and double click the Default
value. Enter the command line of the program you wish to run. For
example:
C:\WINDOWS\EXPLORER.EXE /e,d:\MyTempFolder\TempInstallFiles
Would open up a two paned Explorer window, with the TempInstallFiles folder
opened.